New Mining Pool

[icepick]

Yes, I'm a bitcoin N00bie.

But I have vast system admin experience.  I've setup a new bitcoin mining pool.  I put it under buddy press so there is a social aspect to your mining enjoyment.

I added a TOR hidden service so you can connect to it completely anonymously to either view your stats on the web page - or mine right over TOR, just configure your TOR correctly - then connect.

It's a shameless plug from someone who just got here - but here it goes.

You no Like my Phreak?

https://bitPhreak.net

https://qznfqhf5ogliulsr.onion

It's nice to meet you all

[corvaxmuzzy]

What is buddy press?

[Inaba]

How exactly is your pool a PPS pool that "only pays out when we get paid?"  That's not PPS.  Also, what happens if a block runs long, how are you going to pay the PPS shares when you only receive 50 BTC and you have 75 BTC worth of shares?

[BTCOxygen]

How exactly is your pool a PPS pool that "only pays out when we get paid?"  That's not PPS.  Also, what happens if a block runs long, how are you going to pay the PPS shares when you only receive 50 BTC and you have 75 BTC worth of shares?

you have put some fund's in his wallet to cover this.

and this only happen's when a pool is starting once you have enough user's some round's will be short and you can use the fund's from that round to cover the cost's of long round's

[live627]

What is buddy press?

basic forum software by the makers of wordpress

[icepick]

I don't have all the answers yet - that's because I'm a n00bie.  PPS is pay per share.. so if the block isn't finished then there is nothing to share....  or I just don't understand the criticism.  I have setup a test server running on my home network, with the bitcoind set to test network.. I've tested and retested the billing end of the software and it seems solid (till it breaks)

I'm not afraid of confronting any problems, and solving issues as they arrise.  The server I have has been used to host profitable websites for the last few years, it will remain up and running for years to come.

I have enough bitcoin to cover losses as I start, so don't sweat that.  I'm in business to stay in business. so everyone gets treated fair.  I answer emails and questions - and I'm on the site most of the time.

Buddypress is a type of website software - mainly used for social gatherings.  it's a spin off of WordPress.

Thanks for the questions!

[Meni Rosenfeld]

PPS is pay per share.. so if the block isn't finished then there is nothing to share....

Every pool uses a specific reward method. PPS means miners get the same pay per share no matter what blocks the pool finds. If you need to wait for a block to be found to have something to share, it means you're not doing PPS (and doing PPS is much harder than you seem to think). And if not, you need to specify what it is that you are using.

And honestly, operating a pool is hard work and trying to do it without thorough experience with Bitcoin, mining and pools is just asking for trouble. I think the past 2 months have taught us that what Bitcoin needs is not more entrepreneurs, it's more people who know what the F they are doing.

[hamdi]

not the best setting, a pool run a by a newbie,
but good luck anyway!

[Aahzman]

PPS is pay per share.. so if the block isn't finished then there is nothing to share....

Every pool uses a specific reward method. PPS means miners get the same pay per share no matter what blocks the pool finds. If you need to wait for a block to be found to have something to share, it means you're not doing PPS (and doing PPS is much harder than you seem to think). And if not, you need to specify what it is that you are using.

And honestly, operating a pool is hard work and trying to do it without thorough experience with Bitcoin, mining and pools is just asking for trouble. I think the past 2 months have taught us that what Bitcoin needs is not more entrepreneurs, it's more people who know what the F they are doing.

+29,233 Internets.

[icepick]

PPS - yes Proportional Payout sharing...  yes - I have done lots of reading and testing... Yes - I'm not afraid to fail as there are some strong feelings here that I might.

I think everyone is pretty much a noob at this - it's less then 5 years old - at 5 years - you'd be professional.  I would say that none of the pool server out there now have ran one before they set theirs up. Sure there were some things they had to figure out - that I must also.  but again - it's not the challenge I fear, or the fear to fail - it's the fear itself.

Yes - it will be a lot of work as all great rewards are hard work - I don't plan on setting it up and walking away from it.

but thanks for your vote of confidence - it's well taken

In Liberty,
IcePick

[Inaba]

PPS - yes Proportional Payout sharing...  yes - I have done lots of reading and testing... Yes - I'm not afraid to fail as there are some strong feelings here that I might.

[icepick]

Ok - so PPS is not Proportional Sharing.  Thanks.  I've updated the website to fix my error in verbiage.

And honestly, operating a pool is hard work and trying to do it without thorough experience with Bitcoin, mining and pools is just asking for trouble. I think the past 2 months have taught us that what Bitcoin needs is not more entrepreneurs, it's more people who know what the F they are doing.

I've got 2 decades of experience running and starting from ground up a successful ISP (back in 1998), programming Facebook applications (>500K likes), and all other programming languages.  I've Done Sr. Systems Admin for Goldman & Sachs among others high rollers.

I most definitely fit the "know what the F..." but I might be light on dictionary meanings of bitcoin... I'll get there no doubt.  Experience is the best teacher.  I've read about it - now time to put into practice.

I see Inaba has an angle of competition - so I can see why he's critical of me.  But I need that to stay on my toes.  I'm an IT Army of one.

In Liberty,

IcePick

[Inaba]

It's not about competition.  It's about two things:

1. (Are) You are scamming your users.
2. Are you screwing your users.

If you don't know what you're doing, you are doing one of the above.  If you've actually read everything there is to read about running a pool and you are still doing proportional, you are both scamming and screwing your users.  If you haven't read everything there is to read, then you are screwing your users. 

A pool is not a website.  You can't run it like one and you can't treat it like one.  You are dealing with peoples money, as such, you have both a higher level of responsibility to operate the pool properly and a higher expectation of ability on the part of the users.  Generally speaking, you can't run a pool on a shared host, it won't scale.  Again, a pool is not a website. 

Here's the first warning sign that the pool is going to fail:

I'm in business to stay in business. so everyone gets treated fair.

You don't even know what "fair" is in this context, so how can you treat people fair?  Of the many pools that have come before you, every one of them said basically the same thing and they all failed because they simply did not understand the requirements of running a pool or even what "fair" is.  You need to understand the terms, you need to understand the meaning of "fair" in the context of Bitcoin (hint: It's not proportional), there are many things you need to understand and from what you've written you do not understand any of them unfortunately. 

Good luck with your endeavor, but I can tell you it's bound for failure given everything that's been said here so far. 

[icepick]

Wow - signed up 24 hours ago made 1 post and I'm a thief, Robber, Scammer, Spammer, Deadbeat, Know Nothing, No Good, Failure, SOB. 

I must really be a threat to your operation, Inaba.

No Sir,  Good Luck to you.

[zenbarter]

...

[RyanRed]

I'll give you credit in the aspect of trying to start a pool. But its clear you still need to do your homework. Look at a pool as a Bank. Would you Bank with someone who didn't understand how the current economy works, or the backbone of the system? You said if yourself your a newbie. You really need do a bit more research my friend. As for people calling you a scammer etc. Get used to that. Bitcoin is full of paranoid folk, but rightly so. Its very easy to try to scam people without harsh repercussions in this world. Paranoia is justified here

Good luck to you regardless.


-Ryan

[Jimmy Diamond]

Not really for me I don't think, but good luck.

[icepick]

I'll give you credit in the aspect of trying to start a pool. But its clear you still need to do your homework. Look at a pool as a Bank. Would you Bank with someone who didn't understand how the current economy works, or the backbone of the system? You said if yourself your a newbie. You really need do a bit more research my friend. As for people calling you a scammer etc. Get used to that. Bitcoin is full of paranoid folk, but rightly so. Its very easy to try to scam people without harsh repercussions in this world. Paranoia is justified here

Good luck to you regardless.


-Ryan

Absolutely agree - I never ment to come off as know-all be all - and I think you pointed that out.  This was a Friendly introduction followed by Paranoia acting out of threat.  No doubt I need to read more - no doubt I don't know it all.  But my lack of specific knowledge isn't cause for paranoia lulz.

I disagree with the bank theory.  As with gold mining - there are inherent risks.  The more you work with people - the more you trust them.  If you point a finger and call fraud and scam without any proof - that sir is unprofessional - would you trust someone working with you like that?  Will you be next?

I understand the miner / pool relationship is co-operative, not oppressive or controlling.  I would have hoped the other "Seasoned Admins" (ya know - like 1 year) would understand that relationship.  I am a miner as well as a Pool Op.

I keep an open mind and keep thinks fluid as the Phreakz grow in size.

In Liberty,

IcePick